Nevertheless, Mobius repeated controversial arguments about bitcoin and other cryptocurrencies, notably their alleged role in illicit activity such as the drugs trade.

As Cointelegrpah reported, research continues to disprove such assumptions, data suggesting that cash remains bad actors’ medium of choice.

He further claimed that cryptocurrency required belief in order to function, something true of centralized fiat currency but not, for example, bitcoin, which runs on the certainty of a mathematical formula.

In future, however, he would be willing to incorporate it into his portfolio. He concluded:

“At the end of the day, there are many people who do believe in it, and if it continues and grows, then I would probably have to be a buyer and be involved with this.”

In May, he highlighted the ease of moving money with bitcoin as being reason to suggest it would endure.

Part of a broader U-turn which so far remains rare in traditional circles, Mobius no longer claims, as he did in 2017 when bitcoin traded around $20,000, that cryptocurrency has no intrinsic value.

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